SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2020

The net operating income of our segments for the three months ended March 31, 2020 and 2019 is as follows:



	Three Months Ended March 31,
	2020		2019
	(in thousands)
Office:
Revenues	$	14,897	$	33,445
Property expenses:
Operating	6,046		13,559
General and administrative	98		154
Total property expenses	6,144		13,713
Segment net operating income—office	8,753		19,732
Hotel:
Revenues	8,253		10,589
Property expenses:
Operating	6,469		6,694
General and administrative	13		14
Total property expenses	6,482		6,708
Segment net operating income—hotel	1,771		3,881
Lending:
Revenues	2,384		2,924
Lending expenses:
Interest expense	291		582
Fees to related party	682		637
General and administrative	400		503
Total lending expenses	1,373		1,722
Segment net operating income—lending	1,011		1,202
Total segment net operating income	$	11,535	$	24,815

Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company

A reconciliation of our segment net operating income to net income attributable to the Company for the three months ended March 31, 2020 and 2019 is as follows:



	Three Months Ended March 31,
	2020			2019
	(in thousands)
Total segment net operating income	$	11,535		$	24,815
Interest and other income	1			319
Asset management and other fees to related parties	(3,457		)	(5,249		)
Interest expense	(2,876		)	(3,463		)
General and administrative	(1,223		)	(1,117		)
Transaction costs	—			(44		)
Depreciation and amortization	(5,258		)	(9,630		)
Loss on early extinguishment of debt	—			(25,071		)
Impairment of real estate	—			(66,200		)
Gain on sale of real estate	—			377,581
(Loss) income before provision for income taxes	(1,278		)	291,941
Provision for income taxes	22			(318		)
Net (loss) income	(1,256		)	291,623
Net (income) loss attributable to noncontrolling interests	(4		)	174
Net (loss) income attributable to the Company	$	(1,260	)	$	291,797

Segment Condensed Assets

The condensed assets for each of the segments as of March 31, 2020 and December 31, 2019, along with capital expenditures and loan originations for the three months ended March 31, 2020 and 2019, are as follows:



	March 31, 2020		December 31, 2019
	(in thousands)
Condensed assets:
Office	$	468,599	$	460,951
Hotel	104,507		104,029
Lending	79,197		82,140
Non-segment assets	11,239		20,472
Total assets	$	663,542	$	667,592

Segment Capital Expenditures



	Three Months Ended March 31,
	2020		2019
	(in thousands)
Capital expenditures (1):
Office	$	4,534	$	2,597
Hotel	294		608
Total capital expenditures	4,828		3,205
Loan originations	11,844		3,404
Total capital expenditures and loan originations	$	16,672	$	6,609


(1)	Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.